Accurate and predictable transaction monitoring and behavioral patterns detection is key to fight money laundering and terrorist financing activities and is a key regulatory requirement. Financial institutions not only are required to file SAR, STR and CTR within due dates but also are requires to show the process of their risk-based approach, rules parameters, and investigative processes to comply with regulations. Not having the correct rules/scenarios, parameters, and effective system setup can create false positives or unproductive alerts that are time-consuming and costly.
Velocity Transaction and Behavior Monitoring System (TBMS) is designed to meet strict regulatory standards with ease. The system is highly flexible with a plethora of out-of-box rules and is convenient to use for detection, alerting, scoring and reporting to regulatory authorities. Velocity TBMS has robust rules engine and machine learning capabilities to effectively and efficiently detect suspicious activities.
- Configurable out-of-box rules powered by big data and machine learning
- Native SWIFT message integration
- Visualize transactions and flow of funds
- Robust alert management
- Integrated automated SAR filing
- Built-in data cleansing utilities
- Data reconciliation capabilities